Affinity-group marketing has led to significant growth for insurance companies. When consumers buy insurance through a membership organization – whether a university alumni association or a social, sports or cause-related group – they tend to be more loyal than the typical insurance customer, and more open to new product offerings. Tribeca Leadership worked with the executive team responsible for the affinity sector at a major insurance company. Faced with intensifying pressure from low-cost, transaction-driven competitors, the team had recently adopted a new strategy. It emphasized building long-term relationships as a trusted advisor to clients to set the stage for sustained, profitable growth.
The company had some early success when using this approach with a few large accounts. The challenge was to extend it to other clients, and use it to attract new affinity partners. To accomplish this, the company needed to:
Tribeca Leadership conducted an assessment to identify the company’s current capabilities and areas for improvement. Using our proprietary process, we helped the leadership team develop a new operating model based on becoming a trusted advisor to clients. We then recommended specific actions necessary to implement the model, across talent management, technology and business processes.